DMI Finance secures $47 million from Sumitomo Mitsui Trust Bank, Limited. and others

New Delhi: DMI Finance Private Limited has closed a $47 million (about Rs 347.5 crore) equity investment round led by new investor Sumitomo Mitsui Trust Bank Limited (SuMi) and two other existing investors.

SuMi joins current investors Liechtenstein-based asset management firm New Investment Solutions and South Korean investment firm NXC Corporation in the equity round, bringing DMI Finance's total shareholder base to $500 million (roughly Rs 3,700 crore), according to a statement from the company.

DMI Finance is also backed by the Burman Family Office of Dabur India's promoters, among other investors.

Based in New Delhi DMI Finance, created in 2008 by former Citigroup executives Shivashish Chatterjee and Yuvraj C Singh, has been involved in real estate financing for over a decade. It is the DMI Group's non-banking financial business (NBFC) and has been lending since 2009. Personal loans, lines of credit, buy now pay later (BNPL), OEM (Original Equipment Manufacturer) financing, and MSME loans are all available.

DMI Finance bills itself as a full-stack digital lending and loan life cycle management platform, with over six million customers across India, and is predicted to grow at least 10% month on month through 2022.

"Digital financing in India is entering a high-growth phase and will play an important role in achieving financial inclusion." "DMI is well-positioned to capitalise on the potential because it has effectively blended fintech and last-mile reach skills to service India's ambitious consumer base," a SuMi representative said.

The company currently has 40 offices in India, with a pan-India credit platform centred on key sectors such as digital, consumer and MSME lending, home finance, wholesale finance, and asset management.